Opposition meets early in new year on FATCA

This was the word yesterday from Couva South MP Rudranath Indarsingh. He told Newsday that as far as he was aware, the Opposition has not planned any caucus for this week.

Indarsingh said once the festive period is over, he was certain that Opposition Leader Kamla Persad- Bissessar and the UNC’s National Executive will determine an appropriate date to meet.

The House of Representatives resumes its sittings on January 6 at 1.30 pm with the continuation of deliberations at the committee stage on the Tax Information Exchange Agreement Bill 2016. Yesterday in a letter to the editor, Naparima MP Rodney Charles objected to statements made by former People’s National Movement (PNM) public relations officer (PRO) Ronald Huggins about the two walkouts which the Opposition staged in the House when the FATCA legislation was being dealt with. Charles said in the second walkout on December 9, he was ejected from the House by Speaker Bridgid Annisette- George when he expressed solidarity with Persad-Bissessar after Annisette-George turned down a request by Persad-Bissessar to debate crime.

He claimed Huggins’ comments represent, “the kind of knee jerk and not well thought out commentary that passes for comprehensive analysis in our country.” Saying he supports the passage of the FATCA legislation and has no financial accounts in the United States or any other country, Charles declared, “I am fully compliant with the Integrity Commission and so are all Opposition MPs.” He also said the Financial Intelligence Unit (FIU), “already exists to deal with the exchange of suspicious financial transactions involving US and TT citizens.” On December 22, Minister in the Ministry of the Attorney General and Legal Affairs, Stuart Young, disclosed that for this year, the FIU has reported that 182 nationals may be involved in financing the activities of terrorist organisations such as the Islamic State (ISIS). The FIU’s report is expected to be laid in Parliament on January 6. Young is the current PNM PRO.

Charles reiterated the Opposition’s position for the FATCA legislation to be sent to a joint select committee (JSC). The Banker Association, the American Chamber of Commerce and other business groups have agreed with the Government’s position that a JSC is not required to treat with the legislation.